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AD Ports unveils AED 998m profits to shareholders in 9M-23

AD Ports unveils AED 998m profits to shareholders in 9M-23
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AD Ports Group
ADPORTS
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Abu Dhabi – Mubasher: The net profits attributable to the owners of AD Ports Group stood at AED 997.72 million in the first nine months (9M) of 2023, compared to AED 917.05 million in 9M-22.

Revenues enlarged to AED 8.11 billion in January-September 2023 from AED 3.75 billion in 9M-22, according to the interim consolidated income statements.

Basic and diluted earnings per share (EPS) inched up to AED 0.20 in 9M-23 from AED 0.19 a year earlier.

The total assets hiked to AED 52.20 billion in 9M-23 from AED 38.51 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, AD Ports generated net profits worth AED 380.94 million, compared to AED 314.36 million in Q3-22.

Revenues surged by 189% to AED 4.23 billion in Q3-23 from AED 1.46 billion a year earlier, while the EPS grew to AED 0.07 from AED 0.06.

Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, said: "AD Ports Group has achieved remarkable growth in Q3-23, underpinned by our strategic M&A activities and our strong relationships with diverse local economies, looking beyond traditional terminal operations and toward collaborations.”

“The robust top-line growth not only reflects our efforts to develop new trade routes, strengthen service offerings to our key trading partners, and invest in our key customers in global supply chains but also stands as a clear indicator of our effective diversification strategy and operational excellence,” Al Shamisi mentioned.

He underlined: “It is clear that, despite geopolitical headwinds and challenges presented by shifting global supply chains, with the support of our wise leadership, our ambitious global growth trajectory is reshaping the industry landscape and delivering superior value to our stakeholders."

In the first half (H1) of 2023, the group posted 2% higher net profits attributable to the shareholders at AED 617 million, compared to AED 603 million in H1-22.